MOSCOW—Russia said it sold a 19.5% stake in state-controlled oil giant PAO Rosneft to a consortium formed by
Glencore
GLNCY 3.55%
PLC and Qatar in a deal valued at some €10.5 billion ($11.3 billion), a move by Russia that would bring in much-needed cash by selling a portion of one of its crown jewels.

Russian President Vladimir Putin and Rosneft Chief Executive
Igor Sechin
discussed the deal in a meeting late Wednesday, according to a transcript on the Kremlin’s website. The Russian state will retain a controlling stake in Rosneft, which is also partly owned by U.K. oil major
BP
BP 0.53%
PLC.

But there appeared to be some differences between the Kremlin account of the deal’s terms and Glencore’s description of the deal.

The Switzerland-based mining company said it was in “final-state negotiations” about the deal, and said it was committing €300 million. It also received a five-year right to purchase an additional 220,000 barrels of oil a day from Rosneft for its trading business.

The balance of the purchase price would be provided by Qatar and bank lending, Glencore said. Glencore said the deal’s structure meant its risk is limited to its €300 million investment, equivalent to about 0.54% of Rosneft.

Mr. Sechin said Glencore and the Qatar Investment Authority sovereign-wealth fund would each take half of the 19.5% stake.

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Russia has long suggested it could sell a stake in Rosneft, the world’s largest-listed oil producer, but held off until weak oil prices and a two-year recession starved the federal budget, apparently forcing the Kremlin’s hand.

Even though Russia has pumped and exported more oil this year, its revenue from those sales has plunged because of low crude prices. From January through August, Russian oil export revenues dropped 27% to $46 billion, according to the country’s Federal Customs Service.

Selling a Rosneft stake would be a boon for Mr. Putin, whose country is under sanctions from the U.S. and the European Union over its military interventions in Ukraine.

Russia has largely looked to China for financing, and Chinese and Indian state-owned energy companies were seen by analysts as likely buyers for the Rosneft stake. Rosneft is among the companies under U.S. sanctions that restrict its ability to raise debt in U.S. dollars.

The deal could ease concerns about budget funding through the next Russian presidential elections in spring 2018, said Chris Weafer, senior partner at Macro Advisory Ltd., a Moscow-based consultancy.

“It’s diversification in political relationships and investment,” Mr. Weafer said. “It shows that there is more than one buyer in town and that Russia doesn’t have to just sell cheaply to China or India.”

The sale of a stake could also help Rosneft expand its access to global oil markets through a relationship with a major oil trader, said Michael Moynihan, research director, Russia for energy consulting firm Wood Mackenzie.

In a meeting in the Kremlin late Wednesday, Mr. Putin congratulated Mr. Sechin on the deal, saying the sale came at a favorable time, as the oil price rose after the Organization of the Petroleum Exporting Countries agreed on production cuts last week.

Russia has also agreed to trim its crude output by 300,000 barrels a day and is expected to complete that agreement this weekend, in a deal that could mean Rosneft has to trim back output along with its new shareholder, Qatar, an influential OPEC member which is allied closely with top global crude exporter Saudi Arabia.

Rosneft has moved recently to consolidate the Russian state’s control of the oil sector, acquiring a controlling stake in midsize Russian oil producer PAO Bashneft in October for the equivalent of around $5 billion. Rosneft bought rival TNK-BP in 2013 in a $55 billion deal.

Some government ministers have long pressed for the sale of a stake in Rosneft. But Mr. Sechin has fought to preserve and increase state control over the oil sector, which provides critical revenues to the federal budget.

Glencore Chief Executive
Ivan Glasenberg
has been focused on selling assets and paring back debt since the firm’s stock plunged last year amid a collapse in commodity prices. The company suspended its dividend and sold assets ranging from Peruvian gold to stakes in its Canadian agricultural business.

Last week, Glencore marked a turning point when it said it planned to reinstate its dividend next year. The move was in part vindication for Mr. Glasenberg, a highflying CEO whose aggressive investment strategy and reliance on sky-high debt fell under a shadow as commodity prices plunged in 2015 amid slowing demand from China and elsewhere.